Amana Takaful Life records 35% GWP growth

Amana Takaful Life Limited (ATLL) has recorded a Gross Written Premium (GWP) of Rs. 928 million in the financial year ending December 31, 2015, a 35% growth year-on-year (YoY), outperforming the industry, which grew at 20%, the company said in a press release.

This is the third consecutive year in which the company has grown ahead of the industry, they claimed. Amana Takaful Life recorded a profit of Rs. 18 million, in its first year of operations, despite pressure from increased post-segregation costs and lower yields on investment income.

Amana Takaful Life was spun off from Amana Takaful PLC as part of an industry wide regulatory directive and is the successor of Amana Takaful PLC's life business portfolio. The company is a fully-owned subsidiary of Amana Takaful PLC.

Growth was witnessed 'across the board' with all business lines, namely Savings and Protection, Wealth Management and Corporate channels, recording growth over the previous year. Savings and Protection, the main business line, in particular reflected commendable growth recording Rs. 538 million. New business acquisition increased to Rs. 230 million, a 26% improvement YoY.

Amana Takaful 'Prosper,' Sri Lanka's first Shari'ah compliant investment linked insurance plan, achieved stellar growth of 46%, recording Rs. 338.3 million, thereby continuing to play its key role in growing the company's Life Fund - which stood at Rs. 1,766.5 million as at December 31, 2015.Amana Takaful Life expanded its portfolio of wealth management solutions and launched 'Deergayu', Sri Lanka's first Shari'ah compliant retirement product, in September 2015. "We see immense potential in the life business, especially given economic development and social trends in the country. We remain committed to crafting life insurance solutions to all Sri Lankans, within the hallowed principles of mutuality and sharing," Chairman of Amana Takaful Life Ltd, Tyeab Akbarally said.

"This all-round performance which is considerably better than that of the industry, achieved during the challenging post-segregation period, bears testimony to the solid fundamentals of Amana Takaful Life," said CEO, Reyaz Jeffrey. "This confirms that above industry growth is now firmly entrenched in our DNA. We are confident that the initiatives which are being undertaken at present will lay a strong foundation to further enhance our growth trajectory," he said.